Question 1

In reordering office supplies, the only stages that the buyer passes through are the product specification stage and the ________ stage.

Accepted Answer

A)  problem recognition 
B)  general need description 
C)  order-routine specification 
D)  supplier search 
E)  performance review 
A)  problem recognition 
B)  general need description 
C)  order-routine specification 
D)  supplier search 
E)  performance review

Question 2

When purchasing disposable surgical gowns, Mercy Hospital's vice president of purchasing analyzes whether the hospital should buy disposable gowns or reusable gowns. If the findings favor disposable gowns, then the operating-room administrator compares various competitors' products and prices and makes a choice. Surgeons influence the decision retroactively by reporting their satisfaction with the particular brand. In this situation, the operating-room administrator performs the role of the ________.

Accepted Answer

A)  gatekeeper 
B)  initiator 
C)  user 
D)  decider 
E)  influencer 
A)  gatekeeper 
B)  initiator 
C)  user 
D)  decider 
E)  influencer

Question 3

In which of the following is a person performing the role of a gatekeeper?

Accepted Answer

A)  Dan decides on the product requirements and makes the final choice of suppliers. 
B)  Luke has the authority to pick out the supplier and negotiate the terms of purchase. 
C)  Liam heads the Tech team at LKG and provides information for evaluating the possible alternatives. 
D)  LKG gets many calls from potential suppliers, and it is Leah's job to weed out the good prospects and refer them to others in LKG. 
E)  Dana authorizes the actions of the deciders and buyers in LKG. 
A)  Dan decides on the product requirements and makes the final choice of suppliers. 
B)  Luke has the authority to pick out the supplier and negotiate the terms of purchase. 
C)  Liam heads the Tech team at LKG and provides information for evaluating the possible alternatives. 
D)  LKG gets many calls from potential suppliers, and it is Leah's job to weed out the good prospects and refer them to others in LKG. 
E)  Dana authorizes the actions of the deciders and buyers in LKG.

Question 4

In buyer-seller relationships, the contractual transaction generally shows low levels of trust, cooperation, and interaction.

Accepted Answer

A) True 
 B)False

Question 5

One of the chief complaints from government decision makers is that vendors have not done their homework. What are some ways a vendor can avoid this perception?

Accepted Answer

Pay attention to cost justification, a m

Question 6

Newer, more strategically oriented purchasing departments have a mission. Which of the following most accurately describes that mission?

Accepted Answer

A)  Make the most profit possible and remain independent of entanglements. 
B)  Approach every purchasing opportunity as means to create interdependency. 
C)  Seek the best value from fewer and better suppliers. 
D)  Outsource the supply function. 
E)  Abandon all strategies except for systems selling and buying. 
A)  Make the most profit possible and remain independent of entanglements. 
B)  Approach every purchasing opportunity as means to create interdependency. 
C)  Seek the best value from fewer and better suppliers. 
D)  Outsource the supply function. 
E)  Abandon all strategies except for systems selling and buying.

Question 7

If Ampex Support Systems is the single supplier for a local manufacturing company's MRO (maintenance, repair, operating) supplies and needs, Ampex Support Systems is considered as providing ________ for the manufacturer.

Accepted Answer

A)  guided selling 
B)  purchasing support 
C)  turnkey logistics 
D)  decision support 
E)  systems contracting 
A)  guided selling 
B)  purchasing support 
C)  turnkey logistics 
D)  decision support 
E)  systems contracting

Question 8

In the purchasing decision process, the major role of ________ is in selecting vendors and negotiating.

Accepted Answer

A)  gatekeepers 
B)  buyers 
C)  initiators 
D)  approvers 
E)  deciders 
A)  gatekeepers 
B)  buyers 
C)  initiators 
D)  approvers 
E)  deciders

Question 9

Contracts are always sufficient to govern supplier transactions and prevent supplier opportunism.

Accepted Answer

A) True 
 B)False

Question 10

The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care.

Accepted Answer

A)  vertical 
B)  nonprofit 
C)  spot 
D)  secondary business 
E)  institutional 
A)  vertical 
B)  nonprofit 
C)  spot 
D)  secondary business 
E)  institutional

Question 11

Influencers influence the buying decision by helping define specifications and providing information for evaluating alternatives.

Accepted Answer

A) True 
 B)False

Question 12

Explain the term opportunism with respect to business relationships.

Accepted Answer

When buyers cannot easily monitor suppli

Question 13

Systems selling is a key industrial marketing strategy in bidding to build large-scale industrial projects. Competition for these projects is fierce. What are the main areas of competition for these project engineering firms?

Accepted Answer

Primary competitive areas incl

Question 14

The demand for business goods is ultimately derived from the demand for raw materials.

Accepted Answer

A) True 
 B)False

Question 15

With reference to online buying, what are vertical markets? Give an example of a vertical market.

Accepted Answer

In the context of online buying, vertica

Question 16

The US government is the largest customer in the world.

Accepted Answer

A) True 
 B)False

Question 17

Jason Riggs' company is considered to be an in-supplier for a lawn mower manufacturer. However, recently the lawn mower company has put out a memo to in- and out-suppliers indicating that it would like to change product specifications and delivery schedules. Which of the following buying situations is most likely to be in operation given this data?

Accepted Answer

A)  straight rebuy 
B)  single rebuy 
C)  rakeback rebuy 
D)  system buy 
E)  modified rebuy 
A)  straight rebuy 
B)  single rebuy 
C)  rakeback rebuy 
D)  system buy 
E)  modified rebuy

Question 18

List the seven roles played by members of a buying center.

Accepted Answer

The roles are:
1. initiators
2

Question 19

In which of the following is a person performing the role of an approver?

Accepted Answer

A)  Dan decides on the product requirements and makes the final choice of suppliers. 
B)  Luke has the authority to pick out the supplier and negotiate the terms of purchase. 
C)  Liam heads the Tech team at LKG and provides information for evaluating the possible alternatives. 
D)  LKG gets many calls from potential suppliers, and it is Leah's job to weed out the good prospects and refer them to others in LKG. 
E)  Dana authorizes the actions of the deciders and buyers in LKG. 
A)  Dan decides on the product requirements and makes the final choice of suppliers. 
B)  Luke has the authority to pick out the supplier and negotiate the terms of purchase. 
C)  Liam heads the Tech team at LKG and provides information for evaluating the possible alternatives. 
D)  LKG gets many calls from potential suppliers, and it is Leah's job to weed out the good prospects and refer them to others in LKG. 
E)  Dana authorizes the actions of the deciders and buyers in LKG.

Question 20

Most performance reviews are conducted by outside auditing agencies to avoid bias and internal discrepancies.

Accepted Answer

A) True 
 B)False

Exam 7: Analyzing Business Markets

In reordering office supplies, the only stages that the buyer passes through are the product specification stage and the ________ stage.

In which of the following is a person performing the role of a gatekeeper?

In buyer-seller relationships, the contractual transaction generally shows low levels of trust, cooperation, and interaction.

One of the chief complaints from government decision makers is that vendors have not done their homework. What are some ways a vendor can avoid this perception?

Newer, more strategically oriented purchasing departments have a mission. Which of the following most accurately describes that mission?

If Ampex Support Systems is the single supplier for a local manufacturing company's MRO (maintenance, repair, operating) supplies and needs, Ampex Support Systems is considered as providing ________ for the manufacturer.

In the purchasing decision process, the major role of ________ is in selecting vendors and negotiating.

Contracts are always sufficient to govern supplier transactions and prevent supplier opportunism.

The ________ market consists of schools, hospitals, nursing homes, prisons, and other institutions that must provide goods and services to people in their care.

Influencers influence the buying decision by helping define specifications and providing information for evaluating alternatives.

Explain the term opportunism with respect to business relationships.

Systems selling is a key industrial marketing strategy in bidding to build large-scale industrial projects. Competition for these projects is fierce. What are the main areas of competition for these project engineering firms?

The demand for business goods is ultimately derived from the demand for raw materials.

With reference to online buying, what are vertical markets? Give an example of a vertical market.

The US government is the largest customer in the world.

List the seven roles played by members of a buying center.

In which of the following is a person performing the role of an approver?

Most performance reviews are conducted by outside auditing agencies to avoid bias and internal discrepancies.

Defining Marketing for the New Realities

Developing Marketing Strategies and Plans

Collecting Information and Forecasting Demand

Conducting Marketing Research

Creating Long-Term Loyalty Relationships

Analyzing Consumer Markets

Tapping Into Global Markets

Identifying Market Segments and Targets

Crafting the Brand Positioning

Creating Brand Equity

Addressing Competition and Driving Growth

Setting Product Strategy

Designing and Managing Services

Introducing New Market Offerings

Developing Pricing Strategies and Programs

Designing and Managing Integrated Marketing Channels

Managing Retailing, Wholesaling, and Logistics

Designing and Managing Integrated Marketing Communications

Managing Mass Communications: Advertising, Sales Promotions, Events and Experiences, and Public Relations

Managing Digital Communications: Online, Social Media, and Mobile

Managing Personal Communications: Direct and Database Marketing and Personal Selling

Managing a Holistic Marketing Organization for the Long Run

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